TOP-10 Azerbaijani insurance companies on fees in Jan.-Oct.

Baku, Azerbaijan, Nov. 19

By Azad Hasanli - Trend:

The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-October 2014, which accounts for over 78 percent of the total insurance fees.

Name of insurance company

Premiums for January-October 2014 (million AZN)

Premiums for January-October 2013 (million AZN)

Share of fee volume on the market in January-October 2014 in %

Share of fee volume on the market in January-October 2013 in %

Ranking in January-October 2014

Ranking in January-October 2013

Pasha Sigorta

45,61

47,36

12,82

14,03

1

1

State commercial insurance company AzerSigorta

37,19

33,05

10,45

9,79

2

3

Pasha Hayat

35,14

28,38

9,88

8,41

3

5

Atashgah Hayat

32,61

20,46

9,16

6,06

4

6

AzSigorta

30,72

35,57

8,63

10,54

5

2

Atashgah

30,08

30,66

8,45

9,08

6

4

İPEK YOLU SIGORTA

18,56

15,93

5,22

4,72

7

7

Gala Hayat Sigorta

17,18

8,12

4,83

2,41

8

15

AXA MBASK

16,25

14,48

4,57

4,29

9

9

Standard Insurance

15,39

15,67

4,33

4,64

10

8

TOTAL

355,98

337,65

78,34

73,97

-

-

The official exchange rate for November 19 is 0, 7845 AZN / USD.

Pasha Sigorta insurance company held the leading place in the ranking in terms of insurance premiums in January-October 2014, which accounted for 12.82 percent of a total volume of fees collected by all companies during the reporting period.

The State commercial insurance company AzerSigorta (10.45 percent of all fees of the market) and state commercial insurance company Pasha Hayat Sigorta (9.88 percent of all fees of the market) ranked second and third.

AzerSigorta moved from the third place last month to the second place, thus removing Pasha Hayat Sigorta to the third place.

TOP-10 in terms of insurance premiums comprises of the three companies entitled to engage in life insurance in Azerbaijan - Atashgah Hayat, Gala Hayat and Pasha Hayat.

In January-October 2014 the total amount of fees of insurance companies operating in the country amounted to 355.98 million AZN or by 5.43 percent (18.33 million AZN) more compared to the same period of last year. The volume of payments of insurance companies in the first 10 months of 2014 amounted to 131.41 million AZN or by 32.78 percent (32.44 million AZN) more than in January-October 2013.

The license of Royal Sigorta has been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014, and it has been revoked since Sept. 8, 2014. In accordance with the requirements of the insurance legislation, six months were granted for elimination of the shortcomings in the activity that led to the suspension of a license. The licenses of companies can be restored in case of bringing the total capital in accordance with the minimum requirements of the Ministry of Finance. The minimum amount of the total capital of insurers operating on the types of non-life insurance is determined at the level of 5 million AZN.

The report of the Azerbaijani Ministry of Finance has not included the results of the activity of AzRE, the only reinsurance company, and the data on the Royal Sigorta will be considered before the end of the contractual obligations.

There are 27 insurance companies (excluding the Royal Sigorta) in Azerbaijan

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